Property Management Glossary

Accumlated Depreciation
The dollar amount of depreciation for the asset from its acquisition to the most recent depreciation calculations.

Accumulated Use Allowance
The dollar amount of use allowance for the asset from its acquisition to the most recent use allowance calculations.

ACQD (Acquisition Date)
The year and month in which acquired or received the asset (as determined by the shipping date, invoice date, or other source document), or the asset's beginning in-use date if a fixed asset.

Annual Depreciation
The dollar amount of depreciation for the asset for the most recently completed fiscal year.

Annual Use Allowance 
The dollar amount of use allowance for the asset for the most recently completed fiscal year.

A roofed structure for permanent or temporary shelter of persons, animals, plants, or equipment.

This may also include the identification of other assets with which the asset is used, and other clarifying information. If the item is government-furnished equipment, the National Stock Number may be included if known.

Disposal Date 
The date an asset ceases to be part of the record of active assets.

The cost of an item not subject to depreciation but included in the current operating costs of the university. Individual items of equipment or furniture, with a unit cost less than $1,000.00 or a useful life of less than 2 years, are expense items charged to account number 8905 or 8906, respectively.

Property used for academic activities, maintenance, research, development or testing. It includes plant equipment and real property.

Fair Market Value
An exchange price that a willing and well-informed buyer and seller would reach through negotiation under current market conditions.

Fixed Asset
(real property) refers to the following:

  1. Land, grading, other land acquisition costs
  2. Roads, sidewalks, other land improvements
  3. Buildings
  4. Building-related assets
  5. Utilities

FLR (Floor) - The 2-character number and/or letter to designate the floor of the building in which the asset or space is located. Floors above ground are numbered upward (1-2-3, etc.); floors below ground are lettered downward (A-B-C, etc.). Mezzanines are designated "M" with the number of the floor just below (i.e., "M1" means the mezzanine between floors 1 and 2).

Floor Plan - A drawing of a floor of a building showing the configuration of the rooms and identifying them by room number.

FND (Fund Code) - A code identifying the source of the funds utilized to acquire the asset.

General Purpose Equipment - Equipment, the use of which is not limited only to research, medical, scientific or other technical activities. Examples of General Purpose Equipment include office equipment and furnishings, air conditioning equipment, reproduction and printing equipment, motor vehicles, and automatic data processing equipment.

Government Material
Government Property which may be incorporated into or attached to a deliverable end item or which may be consumed or expended in performing a grant or contract. It includes raw and processed materials, parts, components, assemblies, small tools, and supplies that may be consumed in normal use in performing a grant or contract.

Last Inventory
The date of the most recent physical inventory for a movable asset.

Last Updated
The date of the most recently entered information for an asset.

The number of years estimated to be the useful period of the asset, as determined by governmental or other appraisal documents.

The name of the company or party who has made the asset.

Military Clause
A provision in some leases allowing a tenant in military service to terminate the lease in the event of a transfer, discharge, or deployment.

Model Number
The manufacturer's number to indicate the particular type of product which has been acquired.

Modular Furniture
Movable partitions, cantilevered counters, pedestals, drawers, etc., to form room dividers and work surfaces.

Movable Asset
(1) An article of nonexpendable tangible property (i.e., having physical existence), and (2) intangible property (i.e., having no physical existence, such as patents, inventions, copyrights, and software). Such property has a minimum unit cost of $1,000.00, and a useful life of two years or more. A movable asset includes those pieces of furniture or equipment that are not affixed to any part of a room or building. It also includes those pieces of furniture or equipment that are attached to a room or building, but (1) are not permanently affixed, (2) can be removed without costly or extensive alterations or repairs to the building to make the space usable for other purposes, and (3) can be used after removal. 

Original Cost
The total net unit cost of the asset at the time the asset was acquired. This includes the purchase price less any applicable discounts, plus any delivery charges, and cost of original installation. The definition also includes (1) the fair market value if the item was found during a physical inventory, or (2) any donated value.

Precious Metals - Uncommon and highly valuable metals characterized by their superior resistance to corrosion and oxidation. Included are silver, gold, platinum, palladium, iridium, osmium, rhodium, and ruthenium.

A room is a partitioned part of the inside of a building. The partition must be fixed and go from floor to ceiling. Closets, baths, halls, elevators, mechanical and custodial rooms are all included. A number is used to designate the room of the floor of the building in which the asset or space is located. If a room number includes a letter designation, the letter is shown as a suffix.

Serial # (Serial Number) - The manufacturer's number to indicate the particular product item which has been acquired.

Special Purpose Equipment - Equipment that is used only for research, medical, scientific or other technical activities

Special Test Equipment
Either single or multipurpose integrated test units engineered, designed, fabricated or modified to accomplish special purpose testing in performing a contract. It consists of items or assemblies of equipment that are interconnected and interdependent so as to become a new functional entity for special testing purposes.

  1. Special Tooling
  2. Jigs, dies, fixtures, molds, patterns, taps, gauges, other equipment and manufacturing aids, all components of these items, and replacement of these items. Without substantial modification or alteration, their use is limited to (1) the development or production of particular supplies or parts of such, or (2) the performance of particular services.

Trans Amount (Transaction Amount)
The dollar amount of a transaction for a particular center.

Unassignable Space
A building's rooms that cannot be identified as belonging to a department. These rooms are generally in support of the building as a whole such as mechanical rooms, custodial areas or circulation areas (elevators, stairwells, corridors, etc.)

Unrecovered Cost 
The acquisition cost of an asset less the amount of accumulated depreciation and accumulated use allowance.